The CU Journal Daily
CO-OP Bids Aloha To Hawaii CUs
ONTARIO, Calif.-The CO-OP Network said it reached an agreement to serve 27 credit unions in Hawaii and Guam, the first South Pacific credit unions to join the credit union-owned ATM network.
The CO-OP has deployed 41 ATMs in Hawaii since 2001 and the new deal will add another 39 machines to the surcharge-free network. The deal calls for the CO-OP to perform ATM and debit card processing for the new credit union members.
CheckClear Eyes Deal With Fed
OKLAHOMA CITY-CheckClear LLC, the fledgling national check exchange, said Tuesday it is in talks with the Federal Reserve to create connectivity with the Fed's national check clearing system.
The talks come as the Fed is planning to introduce a new suite of services for financial institutions to take advantage of the Check 21 electronic check imaging law.
CheckClear's Endpoint Exchange Network has enrolled more than 4,000 financial institutions in its two-year-old check exchange network. The Fed provides a nationwide check clearing and imaging solution that can reach every financial institution in the country.
Empire Offers Fixed-Term Product
ALBANY, N.Y.-Empire Corporate FCU has begun a new offering of its Term Line of Credit facility, which is primarily used by credit unions wanting a stable, long-term source of funding for asset-liability management purposes.
The Term LOC allows advances for any term between one and 12 years, and can retain a bullet or amortizing structure Empire said it also provides credit unions with an immediate source of liquidity, and gives them access to long-term funding at a fixed cost, resulting in the ability to offer members longer duration assets. Capital Communications FCU has become the first to subscribe to the new offering, agreeing to a $20-million Term LOC.
Global Axcess Intro's Payroll Card
PONTE VEDRA, Fla.-Global Axcess Corp. said it has begun offering a pre-paid debit card program tied to an electronic payroll card.
The card, called EasyGreen, allows employers to pay employees electronically via direct deposit to an EasyGreen Cash Card, giving users access to cash at ATMs and to point-of-sale transactions.
Global Axcess is also the operator of a growing fleet of 2,700 ATMs which it offers to credit unions under a co-branding program through the company's Nationwide Money Services subsidiary.
Minn. Life To Buy Allied Solutions
ST. PAUL, Minn.-Minnesota Life Insurance Co. has agreed to acquire Allied Solutions, the popular provider of loan and insurance products for credit unions.
The deal solidifies as a long-time relationship between the insurance giant and Allied, which was founded 25 years ago by several Minnesota Life associates. The two companies have marketed each others offerings since then.
Texas CUs Seek Broader Horizons
AUSTIN, Texas-State regulators said they approved an application from First Educators CU, in Houston, to expand its field of membership to cover more than five million Texas in five counties; Harris, Montgomery, Waller, Fort Bend and Brazoria, one of the largest FOMs ever approved for a state charter in the Lone Star State.
Separately, the CU Department said it received applications from Fort Worth Community CU to serve four million people in five counties; and from First Class American CU, in Forth Worth, to serve the 1.6 million people in Tarrant County.
The state regulator also approved another application, this one from Community Service CU, Huntsville, to add Friends of the Texas CU Foundation to its FOM in six counties.
Defense CU Seeks Diversification
PORTSMOUTH, Va.-Northern Star CU, the military-based credit union formerly known as The Navy Yard CU, has applied to the state's Bureau of Financial Institutions to convert to what would be the broadest community charter ever granted a Virginia state charter.
The $100-million CU has requested permission to serve 375,000 residents in the cities of Portsmouth, Chesapeake and Suffolk.